THE DIAMOND PAGE — Nora Exploration acquires ground in Ghana

Already a force in gold and diamond exploration in Ghana, Nora Exploration (NXI-M) has acquired the 28-sq.-km Pramkese concession there.

The property is immediately south of Nora’s Kade concession, along the eastern banks of the Birim River.

The area is geologically typical of the Birim diamond field, and includes metamorphosed basic and ultrabasic rocks, tuffs, greywackes and phyllites.

More recent alluvial sands, clayey soils and laterized terrace sediments are underlain by gold- and diamond-bearing gravel. Nora geologists believe the gold-bearing anomalies reported on the Kora concession are a continuation of geological trends found on the Pramkese concession.

Nora will conduct systematic grid-pit sampling to determine the potential of the terraces, as well as confirm proven reserves, which were previously calculated by another company, at 4.7 million carats.

Meanwhile, an independent review of the data from the Yaponsa, Oniba and Birim paleovalleys of the Kade concession suggests a combined proven reserve of 351,164 carats. The Okuti, Apianusu and Abohima valleys represent 150,647 carats of proven and probable reserves. These findings indicate that Nora’s proven reserves have increased 17% over earlier reports.

The third phase of the project, now under way, includes the geologic evaluation of the quality of those diamonds found at Kade, as well as a systematic search for more indicators of potential gold orebodies, including a look at potential hard-rock mineralization.

The Kade concession covers 49 sq. km. in the centre of the Birim River diamond field of eastern Ghana, situated 15 km south of the Akwatia mine, which produces 600,000 carats diamonds and 4,000 oz. gold per year.

After having completed a private placement worth $250,000, Nora has more than $500,000 cash in hand to complete the financing of its international development activities.

Meanwhile, Nora has acquired Chilean mining company Societa Minera Pachamama for $125,000 and a commitment to spend $1.2 million exploring the company’s Pachamama polymetallic deposit in Chile. The present mining operation at Pachamama processes 40 tons of ore per day, but Nora expects to increase that amount to 500 tons and thereby generate revenue of US$10 million annually.

The copper and gold grades recovered are 4-7% and about 0.204 oz., respectively.